Madison — Natural Resources Secretary Cathy Stepp on Tuesday defended Gov. Scott Walker's plan to turn the Natural Resources Board into an advisory panel, instead of one that makes policy, even as she acknowledged she had not been consulted on the proposal in advance.

"I feel that it's extra layers," Stepp said of the board in a briefing to the Legislature's Joint Finance Committee. "I think it's duplicative."

The idea has sparked opposition from Democrats as well as some of Walker's fellow Republicans. Sen. Luther Olsen (R-Ripon) said he had "some concerns" about the plan.(48)

If Park Bank is liable for not spotting Sujata "Sue" Sachdeva's $34 million embezzlement from Koss Corp., then so is chief executive Michael Koss, the bank argues in a new lawsuit.

In a suit filed last week, the bank argues that if a jury finds Park Bank liable for the loss, then Michael Koss and Grant Thornton, the firm's former auditor, should have to pay some of the award.

"Park Bank denies any and all liability to Koss in this case," Park Bank wrote in its action. "Nevertheless, should Park Bank be found liable to Koss (Corp.) and required to pay damages to Koss in this case those damages will have been the result of a common liability of Park Bank, Michael Koss and Grant Thornton, thereby entitling Park Bank to (a) contribution from Michael Koss and Grant Thornton."(1)

Commercial Real Estate News

A large industrial building, located on Milwaukee's north side, has been sold to a local investment group that plans to continue redeveloping the property.

An affiliate of Phoenix Investors LLC purchased a 206,200-square-foot portion of the former Square D industrial plant, 4041 N. Richards St., for $1.45 million, the firm announced Monday. It was sold by Stag II Glendale LLC, a subsidiary of Boston-based Stag Industrial Inc., in a transaction brokered by Robert Dufek of Dufek Realty LLC and Jim Larkin of Colliers.